Market Commentary: SP500 Moves Down From Historic High Resistance To New Session Lows

June 23rd, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 06-23-2014

The averages have melted off the morning highs and recorded a new session low for today, but will it stay? Not to worry as 'Stock Market Tuesday' is tomorrow and the averages will gain. The 'Wall Street Crooks' are lowering the prices today so they can buy low and sell high tomorrow. Ah, the slaughter of 'Sheeples'.

By noon the volume was anemic, averages were melting downward and I am about to fall asleep - where are those volatility move that were to happen today?


Follow up:

News is quiet, investors are sitting on their hands and the HFT algo computers are gearing up for their next move. Investors playing in this fixed market place do not have a chance it seems sometimes.

The short term indicators are leaning towards the hold side at the midday. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The important DMA's, volume and a host of other studies have not turned and that is not enough for me to start shorting. The SP500 MACD has turned flat, but remains above zero at 16.83. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 0 % hold. Investing.com members' sentiments are 60 % bearish and Investors Intelligence sets the breath at 68.5 % bullish with the status at Bear Correction.

If you would like to get advanced buy/sell tweets, sign-up in the column to the right of this post by clicking on the 'Follow' button. Write me with suggestions and I promise not to bite.

The DOW at 12:15 is at 16915 down 32 or -0.19%.

The SP500 is at 1961 down 2 or -0.10%.

SPY is at 195.75 down 0.19 or -0.10%.

The $RUT is at 1185 down 4 or -0.33%.

NASDAQ is at 4365 down 3 or -0.07%.

NASDAQ 100 is at 3802 down 0.42 or -0.01%.

$VIX 'Fear Index' is at 11.27 up 0.42 or 3.87%. Neutral Movement

(Follow Real Time Market Averages at end of this article)

The longer trend is up, the past months trend is positive, the past 5 sessions have been positive and the current bias is negative.

How Oil Really Gets Priced

WTI oil is trading between 107.36 (resistance) and 105.91 (support) today. The session bias is negative and is currently trading up at 106.00.

Brent may top 9-month record

Brent Crude is trading between 115.63 (resistance) and 113.87 (support) today. The session bias is negative and is currently trading up at 114.00.

Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones

Gold fell from 1318.06 earlier to 1310.62, reversed direction, eased up to 1318.67 and is currently trading up at 1317.10. The current intra-session trend is sideways and volatile.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.142 rising from 3.107 earlier.

The US dollar is trading between 80.46 and 80.31 and is currently trading down at 80.38, the bias is currently sideways and volatile.

Real Time Market Numbers

Leading Stock Quotes powered by Investing.com

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

Written by Gary









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